Estate Planning

DO YOU HAVE AN UP-TO-DATE

ESTATE PLAN?

The first thing to understand is that writing a will and having an estate plan are actually two different processes, even though an estate plan will include a will.

Wills

Creating a will can be a fairly simple process. It will address who will take care of your children, who will take over your business, and who receives your assets and other personal property. A will requires the naming of an executor responsible for fulfilling the deceased’s wishes. Having one’s wishes defined in a will ensures privacy, helps avoid family disputes and saves money by avoiding probate and the expense of attorneys and public trustees to determine the distribution of assets which then becomes public information.

Estate Planning

Estate planning is the process of designating who will manage and distribute assets after death or incapacitation. It is a more intensive process and includes a variety of documents including the last will and testament. While it may be overwhelming to contemplate, a

well-designed estate plan will ensure that assets are distributed according to one’s wishes. In addition to the last will and testament, an estate plan might include a living will, a financial power of attorney, a living trust, and beneficiary designations. An estate plan can be particularly helpful in the case of multiple marriages, business ownership, specific charitable donations, or specific requests for health or property. It can also ensure wishes are carried out and that assets are distributed as designated.

Living Will

A living will is a document that describes the type of care one would want if incapacitated and cannot speak for themself. This can assist the family with difficult decisions and avoid confusion.

A financial power of attorney allows for a designated appointee to handle financial affairs in the event of incapacitation. They can make financial decisions in accordance with the instructions defined in the estate plan.

Living Trust

A living trust is a document created during one’s life where a designated person, the trustee, is given responsibility for managing

that individual’s assets for the benefit of the eventual beneficiary. It is designed to allow for the easy transfer of assets, thereby avoiding probate. A living revocable trust allows someone to be their own trustee and allows for changes in beneficiary at any time. An irrevocable living trust is restrictive, and beneficiaries may not be changed but there are certain beneficial tax consequences. Beneficiary designations explain who receives which assets such as an IRA, insurance policy, savings account, or other financial instruments.

A well-executed estate plan can minimize gift, estate and generation skipping transfer taxes to ensure that the family receives as much of the deceased’s estate as possible. Everyone’s plan is different and requires the right team of professionals to implement. It is also important to update the plan regularly as personal circumstances, legislation, and tax laws change frequently.

This article is for informational purposes only. Please consult a professional.

2021-2022 PGA TOURNAMENT

SCHEDULE

DATES TOURNAMENT

* Schedule subject to change

2021-2022 PGA

SEP 24 - 26, 2021 SEP 30 - OCT 3, 2021 OCT 7 - 10, 2021 OCT 14 - 17, 2021 OCT 21 - 24, 2021 OCT 28 - 31, 2021

OCT 28 - 31, 2021

NOV 4 - 7, 2021 NOV 11 - 14, 2021 NOV 18 - 21, 2021 JAN 6 - 9, 2022 JAN 13 - 16, 2022 JAN 20 - 23, 2022 JAN 27 - 30, 2022 FEB 3 - 6, 2022 FEB 10 - 13, 2022 FEB 17 - 20, 2022

FEB 24 - 27, 2022

MAR 3 - 6, 2022 Ryder Cup Whistling Straits, Sheboygan, WI Sanderson Farms Championship Country Club of Jackson, Jackson, MS Shriners Children's Open TPC Summerlin, Las Vegas, NV THE CJ CUP @ SUMMIT The Summit Club, Las Vegas, NV ZOZO CHAMPIONSHIP Accordia Golf Narashino CC, Chiba, JPN Bermuda Championship Port Royal Golf Course, Southampton, BER World Golf ChampionshipsHSBC Champions Sheshan International GC, Shanghai, CHN World Wide Technology Championship at Mayakoba El Camaleon Golf Club, Riviera Maya, MEX Houston Open Memorial Park Golf Course, Houston, TX The RSM Classic Sea Island Resort (Seaside), Sea Island, GA Sentry Tournament of Champions Plantation Course at Kapalua, Kapalua, Maui, HI Sony Open in Hawaii Waialae Country Club, Honolulu, HI The American Express PGA WEST (Stadium), La Quinta, CA Farmers Insurance Open Torrey Pines (South), San Diego, CA AT&T Pebble Beach Pro-Am Pebble Beach Golf Links, Pebble Beach, CA Waste Management Phoenix Open TPC Scottsdale, Scottsdale, AZ The Genesis Invitational The Riviera Country Club, Pacific Palisades, CA The Honda Classic PGA National (Champion), Palm Beach Gardens, FL Puerto Rico Open Grand Reserve Country Club, Rio Grande, PUR Sergio Garcia $1,188,000 Martin Laird $1,260,000 Jason Kokrak $1,755,000 Patrick Cantlay $1,440,000 Brian Gay $720,000 Rory McIlroy $1,745,000 Viktor Hovland $1,296,000 Carlos Ortiz $1,260,000 Robert Streb $1,188,000 Harris English $1,340,000 Kevin Na $1,188,000 Si Woo Kim $1,206,000 Patrick Reed $1,350,000 Daniel Berger $1,404,000 Brooks Koepka $1,314,000 Max Homa $1,674,000 Matt Jones $1,260,000

Branden Grace $540,000

2021 LPGA TOURNAMENT

SCHEDULE

* Schedule subject to change

DATES TOURNAMENT PURSE DEFENDING CHAMPION

AUG 26-29 CP Women's Open Shaughnessy G&CC - Vancouver, BC $2,350,000

SEP 4-6 Solheim Cup Inverness Club - Toledo, OH SEP 16-19 Cambia Portland Classic Columbia Edgewater Country Club - Portland, OR $1,400,000 Georgia Hall

SEP 24-26 Walmart NW Arkansas Championship pres. by P&G Pinnacle Country Club - Rogers, AR $2,300,000 Austin Ernst

OCT 1-3 ShopRite LPGA Classic pres. by Acer Seaview Hotel and Golf Club - Galloway, NJ OCT 7-10 Founders Cup Mountain Ridge C.C. - West Caldwell, NJ $1,750,000 Melissa Reid

$1,500,000

OCT 14-17 Buick LPGA Shanghai Qizhong Garden Golf Club - Shanghai, China $2,100,000

OCT 21-24 BMW Ladies Championship LPGA International Busan - Busan, South Korea $2,000,000

OCT 28-31

Taiwan Swinging Skirts LPGA Miramar Golf Country Club - Taipei, Taiwan NOV 4-7 TOTO Japan Classic Seta Golf Course - Shiga, Japan NOV 11-14 Pelican Women's Championship Pelican G.C. - Belleair, FL $2,200,000

$2,000,000

$1,750,000 Sei Young Kim

NOV 18-21 CME Group Tour Championship Tiburon Golf Club - Naples, FL $5,000,000